Money & Banking in the AreaUS Currency
$0.01 (1¢) The coin is called a penny and is a copper-colored coin. Paper money is all the same size and color. These bills come in $1, $5, $10, $20, $50, and $100 denominations; you may still find some old $2 bills in circulation too. Larger denominations are rarely seen. Checking Accounts/Saving Accounts One of the first things you should do upon arrival is to deposit your money into a bank. It is unwise to keep large amounts of cash in your room or apartment! There are basically two types of accounts you can use at a bank. A Checking Account is used for the payment of bills and shopping needs. A Savings Account is used to keep money you will not be using so that it may earn greater interest. There are many kinds of checking and saving accounts. Most banks charge a service fee for the use of checking accounts for the servicing of each check that is written and for the monthly statement of the account. These service charges vary considerably from bank to bank, and can be dependent upon your daily balance, average monthly balance, and/or the number of checks you write. Each bank has different policies and charges; compare them before deciding. Checking accounts are easy to open. It involves depositing a sum of money and filling out of the required forms. You will get a package of temporary checks the same day, while a set of checks with your name and address are ordered from the printer. (These personalized checks take a few weeks to arrive.) If you do not know how to write a check, ask the bank representative or ISSS staff to show you how. It may be a little different from the way you are used to. Most stores will require at least one form of identification (such as a driver's license or a Rensselaer ID) before they will accept a check. Make sure you keep accurate records of your checks since overdrawing (writing a check when you do not have enough money in the account to cover it) will result in a large service charge (up to $25). When you receive your monthly statement (containing records of your deposits and cancelled checks) be sure to compare it to your records. A personal check from a local bank may not be acceptable outside the Capital District (the metropolitan area including Troy). When you travel, we recommend that you carry Travellers Checks. WARNING: Never send cash through the mail! Automatic Teller Machines (ATMs) Most banks in the U.S. offer automatic teller machines (ATMs) that allow 24 hours access to your savings and checking accounts. Your bank supplies a special card with a Personal Identification Number (PIN), which can be used on ATM machines. With ATMs you can withdraw, deposit or check balances in your accounts. Since most ATMs are part of a large network, you may be able to access your accounts from ATMs anywhere in the United States. Troy Area Banks HSBC is located on the Rensselaer Campus: HSBC Rensselaer Union 271-0247 For other banks in the Troy area consult the Yellow Pages of the Telephone Directory under "Banks". For special services at area banks (such as foreign drafts and transfer of money from overseas) consult the different banks directly. Credit and Charge Cards Besides checks and cash, there are other accepted forms of payments which include Credit and Charge cards. A credit card allows you to carry a balance from month to month. If you make a partial payment to what you owe, then an interest is charged on the outstanding balance. A charge card differs from a credit card in that the bills are to be paid in full each month. Charge cards typically have high monthly fees as compared to credit cards (which may have a low or no monthly fee at all.) Interest rates and monthly fees on credit cards vary widely. You should look for better rates and fees before signing up for a credit card. Though a very convenient means of payment, credit cards must be used with caution. If not used wisely, high debts can be accumulated very quickly.
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